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Poster: bluedevil Date: May 5, 2010 10:27am
Forum: GratefulDead Subject: Re: TDIH- awaiting deadhead monte post re same

From a lecture I went to recently at the Panetta Institute with Jeb Bush and James Carville. This is Carville talking:

00:25:34 >> Again, I agree.
00:25:35 I'm hard pressed to think of a policy this president has that I disagree with, but having said that we go to the problem to the big looming issue and i got to tell you I think that a new era of bipartisanship is upon us and I think it's going to be here sooner as opposed to later.
00:25:52 Let me tell you why.
00:25:58 There's a guy in orange county, bill groves, runs an outfit called pimco.
00:26:03 Any investor will tell you this guy say real deal, brilliant guy, biggest bond investor maybe in the world and what he's doing right now is lightening up on u.s.
00:26:13 Treasuries and is replacing them with german, canadian and french treasuries because the long term prognosis he doesn't think is that great.
00:26:24 So what's going to happen here is when the economy begins to pick up, as it is now and it's going to pick up faster than people think and companies are going to grow back and people will start borrowing money again.
00:26:38 There's going to be real pressure.
00:26:40 Money will come back in demand and our interest rates, either currency will probably go down because people are not going to have faith.
00:26:47 That's going to impose -- a solution is going to be imposed by the financial markets and when it does and the dollar loses 1/3 or 40% of its value and people go down to the wal- mart and they're paying 30, 40% more than they were before, i guarantee you it's going to get everybody's attention.
00:27:07 That's what's getting ready to happen and not 10 years down the road.
00:27:09 I think it's going to happen in a fairly short time.
00:27:13 I don't know if it's going to be two or three or four years but it's going to probably be somewhere in that time frame.
00:27:21 When it happens, then we're going to have to make a choice as a country.
00:27:28 We have three things.
00:27:29 We have an expensive system of entitlement, social security, medicare, to some extent medicaid.
00:27:34 We of have the 29 industrial nations, of the 30 industrial nations, we're like 29th in our tax burden and we spend more money on defense than of other nation in the world combined.
00:27:45 -- Than every other nation in the world combined.
00:27:48 Somewhere somehow something's got to give.
00:27:53 Herb stein who is the head of the council of economic advisors I think under president nixon said the rule is that which cannot continue won't.
00:28:07 My guess is that some variation of the three are going to have to occur because you're not going do it through tax increases.
00:28:14 You're not going to do it by just cutting entitlements.
00:28:17 You're certainly not going to cut the military away like that, but what's happened is the will to do this is going to be imposed by the financial markets.
00:28:32 When that happens, it's going to get everybody's attention.

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Poster: Mandojammer Date: May 5, 2010 10:48am
Forum: GratefulDead Subject: Re: TDIH- awaiting deadhead monte post re same

BD -

I am pretty bi-polar when it comes to Carville. I can see right through his Arkansas Chug-a-Bug routine and see that he is a brilliant man. I just can't figure out which side he's on. I read this transcript somewhere else (Zero Hedge I think) and Carville pretty much nails it.

The only thing I disagree with is is the assertation of "that which cannot continue won't". And I might be arguing in the margins here.

TARP is a monumental failure, Too Big To Fail is a monumental failure yet they still embrace it and hail it as the salvation of the financial industry and preventer of our impending economic collapse. All we have done is kick the can down the road. It is 1931 all over again and while the recession might be over, we are within 3 years of a double bottom the likes of which this country hasn't seen - since 1933.

Yup, the Recession is over - throw a freakin party cuz the Depression is just getting it's legs beneath it.

Hope everyone has a Victory Garden going and gets to know their neighbors well because the only way we get out of this is as a collective community. We certainly aren't going to be lead out of it by the collection of Ivy League idiots running the circus right now.

And despite what it sounds like, I don't believe in any of the Council on Foreign Relations, Tri-Lateral Commission, Bildeberger-Rothschild-Rockefeller New World Order conspiracy shit.

Now the ruling lizard elite whose eggs are in the Iceland volcano? I'm all about that one.